Santa Ana-based Ingram Micro Inc., the largest distributor of technology products, reported mixed first-quarter results and said it doesn’t expect growth for months or until 2010.
But the company doesn’t “feel the market getting worse at this stage,” Chief Executive Greg Spierkel said.
Sales for the first quarter came in at $6.75 billion, down 21% from a year earlier but ahead of the $6.69 billion analysts were expecting on average.
The company’s profit fell short of expectations. Ingram earned $17.8 million, excluding restructuring charges, down 64% from a year earlier and below the $21 million analysts were expecting.
Ingram said it made two acquisitions of distributors in Asia in the quarter.
“The economy is not preventing us from making small, yet strategically significant acquisitions in markets where it makes sense,” Spierkel said.
Ingram didn’t offer a specific second-quarter outlook in its press release. The company said it sees slow going possibly through the rest of 2009 with the prospect of stabilization.
The company expects to continue cutting costs and see gains from cuts last year, according to Spierkel.
